Since I recorded my tax video, two tax issues that could impact you have surfaced. First, the IRS and the Dept. of the Treasury now consider online poker accounts to be a foreign bank account. These may have to be reported, both on your tax return and in a separate filing with the Department of the Treasury.

Second, Congress extended the "kiddie tax" last year. The kiddie tax was designed to stop affluent individuals from putting investment income into their childrens' accounts (which face a lower tax). However, the definition of what income is impacted by this includes gambling income. This law could have a major impact on how you file if you can be claimed as a dependent on your parent(s)' tax return. This change will primarily impact college students who do not file as professional gamblers; it will also impact their parents. I have more information on this on my tax blog.